GbpChf consolidates before the next leg... Possibly higher Trend News

Technical outlook and chart setups:

There is no change in the outlook from what has been discussed recently. The single currency pair seems to be consolidating after bouncing off the rising trend line recently around the 1.4270/80 mark. Intermediary support is at 1.4200, followed by 1.4075/1.4; while immediate resistance is at 1.48, followed by 1.5 and higher up. It is recommended to remain long on positions initiated earlier, till 1.42 remains intact. The current consolidation phase should be cleared off by the events lined up in the coming sessions. Looking higher for now.

Trading recommendations:

Remain long for now, stop is below 1.42, and target is open.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on market trends you may visit via GbpChf consolidates before the next leg... Possibly higher . Thanks for your support on GbpChf consolidates before the next leg... Possibly higher

Gold Elliott wave analysis for July 29, 2013 Trend News

Gold as expected reversed lower in an impulsive manner. However, our target remains 1,300 and lower in order to at least meet the conditions of a downward correction. Our view remains that the entire rise from 1,180 is a corrective A-B-C wave and now we start a new downward impulsive move. From 1,348 we have seen 5 waves down, three up and another 5 waves down. Our Elliott wave count is shown in the chart below where I have also added the alternative of a triangle corrective pattern that is also possible but not my first choice.

So what is our strategy? We remain bearish as wave 2 gave us a great opportunity to go short at the 76.4% Fibonacci retracement. We expect prices to break down and out of the triangle soon confirming our bearish view. Our stop for our short position remains the 1,348 price level. Bears will need to see a break below 1,313 that could push prices towards 1,290. Bulls, on the other hand, want prices to first break above 1,339 and then test the highs. Of course there will be the ultimate test for bulls. If another failure comes, the downward move will be strong.

The daily chart above shows that prices still trade within the upward sloping trend channel and that is why we are still cautious with our bearish feelings. The first signs supporting our bearish view are there, but we will also need to break below 1,287 and 1,260 in order to target a new low or a double bottom at 1,180 and lower. Concluding we remain bearish. For today we want prices to break below 1,325 support and head towards 1,308. Above we have resistance at 1,340 that should not be broken.

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on market trends you may visit via Gold Elliott wave analysis for July 29, 2013 . Thanks for your support on Gold Elliott wave analysis for July 29, 2013

#USDX Analysis for July 29, 2013 Trend News

On Friday, the Dollar Index continued to trade lower towards 81,50. Short- and intermediate-term trend remain down. Support is found at 81.50 where the 76.4% Fibonacci retracement is, as shown in the chart below. In the long term our view remains bullish as we believe that this area will mark a low for the Dollar Index.

The decline as shown above remains overlapping and we continue to believe that the correction is near its end. However, we will need to see a break above the downward sloping blue trend line and above the 82 price level as the first sign of bullishness. Short-term resistance level is found at 81.70-82-82.40. Bulls will need to break above those levels in order for our scenario to have chances. Otherwise, the downward drift will continue putting in danger the longer term bullish trend.

The downward sloping channel is still valid as trend remains down. Prices will need to break above the resistance levels we mentioned above in order for the short-term trend to change to up. The intermediate-term trend will change to up if prices break above 83.00. Concluding in the long term we remain bullish and we believe that at least at the 76.4% Fibonacci retracement prices have found a bottom. We still believe that a rebound will come soon and trend will change. We still label the downward move from 84.75 as corrective and trend will soon resume upwards.

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on market trends you may visit via #USDX Analysis for July 29, 2013 . Thanks for your support on #USDX Analysis for July 29, 2013

Silver turns lower from resistance. 19.20 next support lower Trend News

Technical outlook and chart setups:

The metal remains subdued below 20.50 region and the immediate line of support is being tested again below 20.00. If short positions have been initiated earlier, it is recommended to hold or stay flat. Silver is lagging behind Gold on the higher side, and overall chart setups indicate that the corrective phase might be over. A trend line break down here, should be sold against 20.50 for sure. Next higher up resistance is seen at 22.50 while support is at 19.20 level respectively.

Trading recommendations:

Flat for now. Aggressive traders may remain short against 20.50/60.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on market trends you may visit via Silver turns lower from resistance. 19.20 next support lower . Thanks for your support on Silver turns lower from resistance. 19.20 next support lower

Gold remains bearish for now. 1,350 immediate resistance Trend News

Technical outlook and chart setups:

The metal is under the process of carving out lower lows from here on. 1,350.00 level has been held for now and till the time prices remain below, look lower. It is recommended to stay short below 1,350.00 level and add further positions as well. Next level of resistance is at 1,370/80 and 1,410.00, while support is around 1,270.00 and lower. The overall structure indicates that the next move should be towards the lower side at least till 1,250/70. A bullish bounce from there or not, needs to be seen. Looking lower at least for the short term.

Trading recommendations:

Remain short, stop is at 1,351.50, and target is at 1,250/70.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on market trends you may visit via Gold remains bearish for now. 1,350 immediate resistance . Thanks for your support on Gold remains bearish for now. 1,350 immediate resistance

EurJpy testing channel support. Buy on bounce Trend News

Technical outlook and chart setups:

A 4H chart view has been depicted here for a closer look at channel support. As discussed earlier, the channel line support has remained intact since several trading sessions and if prices continue to take support, the sequence of higher highs may still continue further. Current levels of potential support has been tested at 130.00. A bullish bounce here should be bought against 128.00 with an open target. Only on the event of the channel line breaks, one should enter on the short side. Immediate resistance is the 133/134 region, while support is at 128.00 as shown.

Trading recommendations:

Buy on a bullish bounce on the channel line, stop is below 128.00, and target is open.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on market trends you may visit via EurJpy testing channel support. Buy on bounce . Thanks for your support on EurJpy testing channel support. Buy on bounce

GBP/CHF buying opportunities at 1.4270/80 Trend News

Technical outlook and chart /setups:

The single currency pair is carving out a potential long entry point, for the next leg up towards 1.45/1.46 levels. As discussed earlier, the 1.4270/80 level is the potential support with 0.618 Fibonacci support also crossing. It is recommended to remain long and also to add long positions at current levels 1.4270/80. Immediate chart resistance is at the 1.45 level while intermediary support is at the 1.42 level respectively. The overall structure might be suggesting a potential trend reversal from here on. The next big rally could possibly extend higher than the 1.5 level. Looking higher from here on.

Trade recommendations:

Remain long, add fresh positions as well, stop below 1.42, target open.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on market trends you may visit via GBP/CHF buying opportunities at 1.4270/80 . Thanks for your support on GBP/CHF buying opportunities at 1.4270/80